MARBRINO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MARBRINO
Largest movements
- Current investments +€155,000
up €155,000 (+27.2%), from €570,000 to €725,000
- Stocks and contracts -€79,062
down €79,062 (-28.6%), from €276,782 to €197,720
- Cash +€22,602
up €22,602 (+53.7%), from €42,125 to €64,727
mainly Net result for the year (+€171,712) and Stocks and contracts (+€79,062)
- Reserves +€126,219
up €126,219 (+19.2%), from €656,670 to €782,889
of which Distributable reserves: +€126,219
- Debts after one year -€70,980
down €70,980 (-13.2%), from €537,297 to €466,317
- Other debts +€38,301
up €38,301 (+532.6%), from €7,191 to €45,493
- Tax, wage and social debts +€29,590
up €29,590 (+127.6%), from €23,191 to €52,782
of which Taxes: +€17,060
- Advances received -€21,225
down €21,225 (-18.6%), from €113,921 to €92,696
- Write-downs -€111,344
down €111,344 (-100.0%), from €111,344 to €0
- Taxes +€36,891
up €36,891 (+90.9%), from €40,588 to €77,479
- Staff costs +€33,824
up €33,824 (+15.7%), from €215,590 to €249,414
- Gross operating margin +€7,247
up €7,247 (+1.2%), from €604,693 to €611,940
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,003,464 | €2,087,434 | +€83,970 | +4.2% |
| Fixed assets | 21/28 | €1,050,733 | €1,032,821 | -€17,912 | -1.7% |
| Tangible fixed assets | 22/27 | €1,050,463 | €1,032,551 | -€17,912 | -1.7% |
| Land and buildings | 22 | €1,007,521 | €960,652 | -€46,870 | -4.7% |
| Plant, machinery and equipment | 23 | €8,116 | €6,722 | -€1,394 | -17.2% |
| Furniture and vehicles | 24 | €34,825 | €65,177 | +€30,352 | +87.2% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €952,731 | €1,054,613 | +€101,882 | +10.7% |
| Stocks and contracts in progress | 3 | €276,782 | €197,720 | -€79,062 | -28.6% |
| Stocks | 30/36 | €276,782 | €197,720 | -€79,062 | -28.6% |
| Amounts receivable within one year | 40/41 | €52,118 | €55,374 | +€3,256 | +6.2% |
| Trade receivables | 40 | €40,659 | €17,834 | -€22,825 | -56.1% |
| Other amounts receivable | 41 | €11,459 | €37,540 | +€26,081 | +227.6% |
| Current investments | 50/53 | €570,000 | €725,000 | +€155,000 | +27.2% |
| Cash at bank and in hand | 54/58 | €42,125 | €64,727 | +€22,602 | +53.7% |
| Deferred charges and accrued income | 490/1 | €11,707 | €11,792 | +€86 | +0.7% |
| Total equity and liabilities | 10/49 | €2,003,464 | €2,087,434 | +€83,970 | +4.2% |
| Equity | 10/15 | €1,152,457 | €1,278,676 | +€126,219 | +11.0% |
| Contributions | 10/11 | €495,787 | €495,787 | = | 0.0% |
| Capital | 10 | €495,787 | €495,787 | = | 0.0% |
| Issued capital | 100 | €495,787 | €495,787 | = | 0.0% |
| Reserves | 13 | €656,670 | €782,889 | +€126,219 | +19.2% |
| Non-distributable reserves | 130/1 | €61,974 | €61,974 | = | 0.0% |
| Legal reserve | 130 | €61,974 | €61,974 | = | 0.0% |
| Distributable reserves | 133 | €594,696 | €720,915 | +€126,219 | +21.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €851,007 | €808,758 | -€42,249 | -5.0% |
| Amounts payable after more than one year | 17 | €537,297 | €466,317 | -€70,980 | -13.2% |
| Financial debts | 170/4 | €537,297 | €466,317 | -€70,980 | -13.2% |
| Amounts payable within one year | 42/48 | €313,217 | €341,821 | +€28,604 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €86,792 | €71,205 | -€15,588 | -18.0% |
| Trade debts | 44 | €82,121 | €79,646 | -€2,475 | -3.0% |
| Suppliers | 440/4 | €82,121 | €79,646 | -€2,475 | -3.0% |
| Advances received on contracts in progress | 46 | €113,921 | €92,696 | -€21,225 | -18.6% |
| Taxes, remuneration and social security | 45 | €23,191 | €52,782 | +€29,590 | +127.6% |
| Taxes | 450/3 | €17,761 | €34,821 | +€17,060 | +96.1% |
| Remuneration and social security | 454/9 | €5,430 | €17,961 | +€12,531 | +230.8% |
| Other amounts payable | 47/48 | €7,191 | €45,493 | +€38,301 | +532.6% |
| Accrued charges and deferred income | 492/3 | €493 | €620 | +€127 | +25.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €215,590 | €249,414 | +€33,824 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,348 | €78,438 | +€90 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €111,344 | €0 | -€111,344 | -100.0% |
| Other operating charges | 640/8 | €21,133 | €20,517 | -€616 | -2.9% |
| Gross operating margin | 9900 | €604,693 | €611,940 | +€7,247 | +1.2% |
| Operating profit (loss) | 9901 | €178,277 | €263,570 | +€85,293 | +47.8% |
| Financial income | 75/76B | €13,706 | €10,998 | -€2,708 | -19.8% |
| Recurring financial income | 75 | €13,706 | €10,998 | -€2,708 | -19.8% |
| Financial charges | 65/66B | €29,263 | €25,378 | -€3,885 | -13.3% |
| Recurring financial charges | 65 | €29,263 | €25,378 | -€3,885 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €162,721 | €249,191 | +€86,471 | +53.1% |
| Income taxes | 67/77 | €40,588 | €77,479 | +€36,891 | +90.9% |
| Profit (loss) for the period | 9904 | €122,133 | €171,712 | +€49,579 | +40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €122,133 | €171,712 | +€49,579 | +40.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.